PI Opportunities Fund - I vs Financial Software And Systems Pvt. Ltd

Headnote AI-drafted · Reviewed and approved

The petitioners filed petitions under Sections 47 to 49 of the Arbitration and Conciliation Act seeking enforcement of a foreign arbitral award dated 05.07.2024 passed in SIAC Arbitration No. 098 of 2022 by a tribunal comprising Ms Koh Swee Yen SC (Presiding Arbitrator), Mr David Joseph KC and Mr Ramakrishnan Viraraghavan SC. The petitioners sought declaration that the final award be deemed a decree of the Madras High Court and enforcement of monetary reliefs including damages, pre-award interest and costs against Respondents 2 and 3 jointly and severally.

The petitions arose from a dispute between foreign investors and the promoters of Financial Software and Systems Pvt. Ltd., a Chennai-based company. The petitioners sought not only monetary relief amounting to several thousand crores of rupees but also directions for a Strategic Sale of the respondents' shares with distribution of proceeds in accordance with Annexure 12 of the SASHA agreement.

The matters were heard on the commercial side of the Madras High Court and reserved for pronouncement on 29.08.2025, with the judgment being pronounced on 22.09.2025. The case involved significant questions regarding the enforceability of foreign arbitral awards under the New York Convention as implemented in Part II of the Arbitration and Conciliation Act, 1996.

Catchwords: foreign award enforcement · SIAC arbitration · Arbitration and Conciliation Act · Sections 47-49 · New York Convention · investment dispute · strategic sale · shareholder agreement · SASHA · damages · pre-award interest · foreign investor · private equity